Varde Management L.P. Invests $16.18 Million in Echostar CORP $ECHO

Varde Management L.P. bought a new stake in Echostar CORP (NASDAQ:ECHO) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 159,400 shares of the company’s stock, valued at approximately $16,179,000. Echostar makes up approximately 23.6% of Varde Management L.P.’s portfolio, making the stock its 3rd largest position.

A number of other institutional investors and hedge funds also recently modified their holdings of ECHO. Parallel Advisors LLC boosted its position in Echostar by 4.1% in the first quarter. Parallel Advisors LLC now owns 2,089 shares of the company’s stock worth $245,000 after purchasing an additional 83 shares during the last quarter. Diversified Trust Co raised its stake in shares of Echostar by 0.4% during the 1st quarter. Diversified Trust Co now owns 22,845 shares of the company’s stock worth $2,674,000 after purchasing an additional 84 shares during the period. Strs Ohio raised its stake in shares of Echostar by 0.5% during the 1st quarter. Strs Ohio now owns 19,100 shares of the company’s stock worth $2,236,000 after purchasing an additional 100 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Echostar by 2.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the company’s stock worth $611,000 after buying an additional 114 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC grew its position in Echostar by 0.5% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 30,118 shares of the company’s stock valued at $3,274,000 after buying an additional 144 shares during the period. 33.62% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director William Wade sold 2,575 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total value of $238,573.75. Following the sale, the director owned 2,749 shares of the company’s stock, valued at $254,694.85. The trade was a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stephen Bye sold 8,508 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $89.83, for a total transaction of $764,273.64. Following the sale, the director owned 653 shares in the company, valued at $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,508 shares of company stock valued at $1,224,686 in the last quarter. Corporate insiders own 55.70% of the company’s stock.

Echostar Stock Up 4.0%

ECHO traded up $3.62 during trading hours on Tuesday, hitting $93.42. The stock had a trading volume of 4,299,077 shares, compared to its average volume of 6,624,958. The firm’s fifty day simple moving average is $89.82. Echostar CORP has a 1 year low of $65.76 and a 1 year high of $147.25. The stock has a market capitalization of $27.14 billion, a PE ratio of -3.75 and a beta of 1.00. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20.

Echostar (NASDAQ:ECHO) last announced its quarterly earnings data on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. The firm had revenue of $3.67 billion during the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. As a group, equities analysts expect that Echostar CORP will post -1.35 EPS for the current year.

Wall Street Analyst Weigh In

ECHO has been the subject of a number of research analyst reports. New Street Research set a $165.00 price objective on shares of Echostar in a report on Monday, June 15th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $137.00 target price on shares of Echostar in a research report on Wednesday, July 15th. Citigroup decreased their price target on shares of Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a research note on Tuesday, August 4th. Raymond James Financial raised shares of Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price target on the stock in a report on Friday, July 17th. Finally, Wall Street Zen upgraded Echostar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $134.88.

About Echostar

EchoStar Corporation is a communications company that provides satellite and wireless services, video distribution, and broadband connectivity solutions. Its business has historically been centered on satellite technology and related services, serving customers through a range of connectivity and network offerings.

The company operates through several segments that support pay-TV, enterprise, government, and consumer communications needs. Its services and technologies have included satellite television distribution, broadband satellite access, network infrastructure, and wireless communications capabilities.

EchoStar was founded in 1980 and has long been associated with satellite communications in the United States.